It is an intensifier, and it literally means "scarily", "disconcertingly", or "unexpectedly", depending on the context.
It is US slang, and not "correct" English, and only used informally.
I guess that it is a contraction of 'scarily', because, like other intensifiers, it functions as an adverb.
You can use it with any adjective, depending on the context and meaning. For example:
"Your kid is talented at math. Like, scary talented"
"We started wrestling, and the girl was strong. I mean scary strong."
Or this definition from Urban Dictionary dot com.
scary:
extremely; very, very
"He's a scary good cook."